Newspaper publisher Trinity Mirror has posted an 8pc year-on-year drop in overall revenues for the first half of 2016.
Print revenues fell by 10pc in the period January to June, altough this slowed from a 12pc decline in the first three months of the year to 9pc in the second three months.
However digital revenues grew by 14pc over the same period.
The figures were contained in a trading update covering the 27 weeks from 28 December 2015, published ahead of the company’s interim results due on 1 August.
It said: “The Board anticipates that our interim results will be in line with our expectations with continued strong cash generation over the period enabling a further fall in net debt.
“For the remainder of the year we will remain focused on the delivery of our strategy. We will continue to invest in digital growth and take the necessary mitigating actions to support profits given the increased uncertainty arising from the outcome of the UK’s referendum on EU membership.”
Trinity Mirror became the biggest regional newspaper publisher in the UK last year with the purchase of the Local World group.
It has previously said it expects to save up to £12m from the integration of the former LW titles within its enlarged portfolio.
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Not remotely surprised by these figures – though print revenue down 17% in six months (from the horse’s mouth) suggests an imminent meteorite strike for employees, with lots of staff on the TM nationals now “in consultation” I hear. The golden circle are the people who imagined New Day was a good idea, so let’s clear out the top echelons at Canary Wharf, dispense with the endless layers of utterly useless upper to middle-management, re-engage photographers, designers and reporters and split the company properly into franchise-like operations with real local knowledge and contacts. Also, forget the “digital first” horse manure. “Profit first” should be the mantra, as any CE and boardroom worth their salt should know. Let’s really synergise this company.
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Considering their recent swathe of job cuts across the former Local World portfolio, TM’s vow to “continue investing in digital” seems pretty laughable.
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So how much is 14% digital increase in real revenue terms?
I suspect it’s hardly enough to dent the further 10% print losses on top of the previous 12%
‘… We will continue to invest in digital growth and take the necessary mitigating actions to support profits….’
Unless I’m mistaken that means putting more jobs at risk in an attempt to recover the losses from the ailing print business by cutting overheads and costs
Watch your backs and watch this space
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Dick is correct and its so blatantly obvious that the issues he mentions are the root cause of much of the industrys problems,no business can sustain declining sales,a lost customer base ( readers and advertisers) and being over run by alternate media and younger ,stronger new competitors by dragging around staff and god knows how many level of manager ,team leader, deputies and underperfoming sales people.
Whilst the easy and obvious answer is to off load the leeches and hangers on that are incuring huge cost overheads,the rot is so entrenched that its just not practical,coupled with the tired old excuse that sales people produce the revenue ( they do if they are selling,they dont if theyre not) and whilst that situation remains the decline will continue and the losses in print will continue to slide with piffling sums on digital unable to pay the bills
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